Apartment Investment and Management Company Announces Valuation of
Special Dividend is $2.02 Per Share

March 13, 2019 05:32 PM Eastern Daylight Time

DENVER--(BUSINESS WIRE)--Apartment Investment and Management Company (“Aimco”) (NYSE: AIV) today
announced that the value of its recently announced special dividend is
$2.02 per share.

On February 3, 2019, Aimco's board of directors declared a special
dividend on Aimco’s common stock payable on March 22, 2019 to
stockholders of record as of the close of business on February 22, 2019.
The aggregate amount payable in the special dividend consists of $67.1
million in cash and 4.5 million shares of common stock.

For purposes of determining the value of the shares issued in the
special dividend, Aimco used a price of $49.93 per share, which is the
volume-weighted average price of Aimco's common stock on the New York
Stock Exchange on March 11 and 12, 2019. The per share amount of the
special dividend has been calculated by dividing the aggregate value of
the cash and stock by 144,265,870 shares of Aimco common stock, which
was the number outstanding at the close of business on the record date.

Until March 8, 2019, stockholders could elect to receive the special
dividend in cash or in shares of common stock. Stockholders who made a
cash election have been placed in a lottery that will entitle the
selected stockholders to receive the entire amount of the special
dividend in cash without being subject to the proration described below.
Aimco will pay between $10.6 million and $11.0 million of the cash
amount to the stockholders selected in the lottery. Stockholders who did
not make any election will not participate in the lottery, but will
otherwise be deemed to have made a cash election. Following the lottery,
if the total remaining cash elections (including deemed cash elections)
exceed the aggregate cash amount remaining after lottery payments, each
stockholder who made a cash election (including a deemed cash election)
but is not selected in the lottery will receive a pro rata portion of
the remaining cash amount, and will receive the remaining portion of the
special dividend in shares of common stock. As a result, a stockholder
making a cash election (including a deemed cash election) will receive
at least $0.39 of the special dividend in cash. If the total stock
elections exceed the aggregate shares being issued in the special
dividend, each stockholder who made a stock election will receive a pro
rata portion of the shares, and will receive the remaining portion of
the special dividend in cash. Cash will be paid in lieu of fractional
shares so that stockholders receive a whole number of shares of common
stock. Aimco expects that the entire special dividend will be taxable as
dividends to its stockholders, whether paid in common stock, cash or a
combination of cash and common stock.

About Aimco

Aimco is a real estate investment trust focused on the ownership and
management of quality apartment communities located in select markets in
the United States. Aimco is one of the country’s largest owners and
operators of apartments, with ownership interests in 132 communities in
17 states and the District of Columbia. Aimco common shares are traded
on the New York Stock Exchange under the ticker symbol AIV, and are
included in the S&P 500. For more information about Aimco, please visit
our website at www.aimco.com.